VAT

Update news VAT

Legal Advice: VAT calculation methods for newly-established enterprises in VN

Newly established enterprises and branches should give heed to matters concerning value added tax (VAT) calculation methods, when to apply the deduction method, and registration for voluntary application of tax deduction methods, etc.  

More VAT refund counters for foreign visitors opened

 VietNamNet Bridge – The Government has approved more international airports and seaports to open counters from on July 1 for value-added tax (VAT) refunds for the goods foreign visitors purchase in Vietnam

More airports allowed to open VAT refund counters for foreigners

 VietNamNet Bridge – Prime Minister Nguyen Tan Dung has approved more international airports and seaports to open counters for value-added tax (VAT) refunds for the goods foreign passport holders buy in Vietnam and bring along with them

BUSINESS IN BRIEF 19/4

 HCM City refunds 1.4 mln USD of VAT for foreigners; VAMC announces interest rate for purchased bad debts; Imports of under-9-seat-cars soar; Toyota expands its recall campaign; Land rentals likely to rise

Used cars for returning Viet Kieu must have 10,000km mileage

 VietNamNet Bridge – Overseas Vietnamese, or Viet Kieu, who return home can enjoy tax exemptions for one car and one motorbike, but the automobile must have been used for at least six months with a minimum mileage of 10,000km,

Asked to reimburse VAT refund, coffee enterprises shout for help

The taxation bodies have requested coffee enterprises to reimburse the VAT refund and reduced the tax deductions of hundreds of billions of dong. Enterprises have claimed to be innocent, vowing to fight to the last breath.

Taxation bodies struggle hard with bogus companies

 VietNamNet Bridge – A lot of newly set up businesses never exist in reality, but only exist on paper just to help the owners appropriate the VAT refund.

BUSINESS IN BRIEF 8/11

Footwear exports aim for US$8 billion; ÆON Japan invests in Vietnam;  Businesses suggest tax, customs overhaul; FDI up 65.5% in 10 months; Hanoi to host 28th Asian Advertising Congress

Government steps up efforts to tackle tax fraud

 VietNamNet Bridge – Deputy general director of the Department of Taxation Cao Anh Tuan told Kinh te Dau tu (Economics and Investment) newspaper the Government is going to tighten control of bill printing by companies.

Farm producers wish to remove VAT

 VietNamNet Bridge – Coffee and sugar producers have proposed to remove the VAT to help reduce troubles with enterprises and clear the tax frauds.

Complicated tax refund procedures put businesses against the wall

 VietNamNet Bridge – The delay in refunding VAT to enterprises has pushed a lot of them to death.

Deficit higher than expected

VietNamNet Bridge – Viet Nam's State budget deficit was estimated to hit VND92.39 trillion in the first half of this year, equal to 57 per cent of the annual plan set by the National Assembly,

NA debates draft anti-terrorism law

VietNamNet Bridge – National Assembly deputies yesterday discussed the draft Anti-terrorism Law, debating international co-operation in this area and measures such as the establishment and operation of the steering committees of anti-terrorism.

5-star products also rejected by state agencies

The unhealthy competition has exterminated the creativeness of enterprises and discouraged them to spend money to develop software products.

7-percent inflation predicted for 2013

 VietNamNet Bridge – The National Financial Supervision Committee has forecast that Vietnam’s inflation rate in 2013 will be controlled at less than 7 percent.

Maintaining VAT tax incentives to support businesses

VietNamNet Bridge - Reasoning economic difficulty, the National Assembly on March 18 agreed not to reduce the number of groups of goods that are entitled to the value added tax rate (VAT) of 0% and 5%.